Sales at H&M have jumped by nine per cent in the first half of the year.

Chief executive Helena Helmersson said that the company had experienced increased sales in “many markets” despite having reduced purchasing power and poor weather conditions compared with last year.

“The summer collections have been well received and the third quarter has got off to a good start,” said Helmersson in the company’s latest financial statement. “The conditions for increased growth as well as profitability continue to develop in a favourable direction.”

However, operating profit deceased from £365 million (SEK 4,988m) to £348 million (SEK 4,741m) in the second quarter (1 March to 31 May).

The company said that high raw materials and freight costs, as well as a strong US dollar, had a negative impact on its results compared to last year.

But fast fashion retailer assured shareholders that its purchasing costs "continue to improve", adding that the company's cost and efficiency programme is "starting to bear fruit".

Net sales for the second quarter, which were up six per cent, beat predictions of a four per cent rise.

In March the company said that it expected delays to the spring season in important markets due to cold weather to impact its results for the period.

Last month the retail giant launched a temporary game in the metaverse to coincide with a Stranger Things themed collection.

The experience builds on the Loooptopia experience in Roblox which the retailer introduced in January. The immersive 3D experience includes mini games, events and alternate worlds.

Share Story: